Once in a while, Zero Hedge publishes some neutral information that is
"news you can use". This occurred tonight with reprinting of UBS info about national P:B and P:E data, both in the aggregate and by business sector.
Of course we understand the limitations of any one metric, but all things being equal, cheap is better. Low P:B suggests unused capacity that might come on line again. As an example, just look at TSO in 2010 and look at it now. You never know when the terms of trade will turn in favor of an asset that once was considered valuable and now is not earning much.
Russia is far below the norm in P:E ratios at 5.3. So Russia is truly cheap. Let's see how things evolve there. Lots of risk is also present.
A quick scan of the countries listed suggests that Italy and S. Korea are the next cheapest, averaging both metrics.